Revenue raised by the share purchase plan (SPP) will be used to fund Vintage’s exploration and appraisal activities.
Vintage Energy has announced the results of its SPP that closed on 14 January, with eligible applications for $3.44 million of new shares.
Directors have welcomed the strong support demonstrated by shareholders and elected to accept all eligible applications so holders may receive an allocation matching their commitment.
The company stated that shares would be issued at $0.085 per share. Accordingly, Vintage will issue around 40/5 million fully paid shares under the SPP.
Shares allocated under the plan will be issued on 21 January and commence trading 24 January.
Vintage managing director Neil Gibbins said the shareholder response to the SPP showed “outstanding” confidence in the company.
“The team is focused on meeting the milestone enabled by the equity raising and our non-equity initiatives, such as the recently announced $10 million debt facility and Heads of Agreement for AGL,” Gibbins said.
Funds raised by the SPP will be used to fund the following:
- Odin-1 completion and tie-into the Moomba gas gathering network;
- Exploration activities including 3D seismic and drilling in ATP 2021;
- Drilling of the Cervantes oil prospect in the Perth Basin; and
- Marketing and engineering studies related to the Nangwarry field in the Otway Basin.
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